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Fleet Services (Industrial Report) - UK - January 2014

EXECUTIVE SUMMARY
The market
High car registration levels reflect a strong year for fleet services
Figure 1: UK market for fleet services, 2010-13
Taxable company car numbers continue to slide
Figure 2: Taxable company cars in the UK, 2007-12
Business car registrations boom in 2013
Figure 3: Segmentation of UK new fleet and business car registrations, 2009-13
Economic expansion to underpin growth in 2014
Figure 4: Forecast UK market for fleet services, 2014-18
Market factors
Reduced capital allowances makes outright purchase more costly
Residual values reach new highs
Figure 5: Average used fleet & lease car values in the UK, 2009-13
Fuel price escalation hits drivers’ pockets
Figure 6: Typical retail cost of fuel and fuel duty level in the UK, 2000-13
Replacement cycles reduced from 2012 onwards
Figure 7: Average age of used fleet & lease cars in the UK, 2009-13
Companies
Alphabet expansion doesn’t dent profitability
Lex’s fleet rationalised but still far out in front
What we think
INTRODUCTION
Definitions
Methodology
Abbreviations
Market positioning
The customer
The supplier
UK economy
Inflation
Interest rates
Manufacturing
Business investment
Imports
Exports
Market factors
Fleet cars and the tax system
Government use of direct legislation
Grant schemes
Internal market factors
MARKET SIZE AND TRENDS
Chapter summary
Market size
Fleet market springs into second gear in 2013
Figure 8: UK market for fleet services, 2009-13
Fleet and business cars maintain steady share of car parc
Figure 9: The UK fleet & business car parc, 2009-13
Taxable company cars falling in number
Figure 10: Taxable company cars in the UK, 2007-12
Market segmentation
Figure 11: Segmentation of the UK new fleet & business registrations, by volume, 2009-13
Market trends
Car ownership expanding as households remain committed to private transport
Figure 12: Household car availability in Great Britain, 2002-12
Figure 13: Licensed cars in the UK, 2003-13
New fleet and business car registrations recovery outpaced by private purchases
Figure 14: Fleet & business car registrations, 2009-13
Figure 15: Car registrations, by sector, 2009-13
Tax disc abolition to reduce burden on fleets but reclaim rates unchanged
Blow for outright purchasers as tax allowances tighten
Reduced used car stock buoys ever-rising residual values
Figure 16: Average used fleet & lease car values in the UK, 2009-13
Replacement cycles begin to fall after increase through downturn
Figure 17: Average age of used fleet & lease cars in the UK, 2009-13
Contract hire remains most popular form of acquisition
Figure 18: Fleet & business car acquisition methods, 2013
Ever-increasing fuel prices raise cost pressures for fleet managers
Figure 19: Typical retail cost of fuel and fuel duty level in the UK, 2000-13
Rising insurance costs impose additional burden on fleets
Seasonal variation in sales demonstrates a slight increase
Figure 20: Seasonal variation in sales of new fleet & business cars, 2009-13
Figure 21: Monthly sales of new fleet & business cars, January to December 2013
INDUSTRY STRUCTURE
Chapter summary
Industry development
Figure 22: Analysis of the changes in the UK automobile renting & leasing industry, 2009-13
Car manufacturers continue to expand presence in the industry
Leading companies by fleet size
Figure 23: Changes in company fleet size, 2009 and 2013
Structure by turnover
Figure 24: Analysis of the financial structure of the automobile renting & leasing sector, 2012 and 2013
Structure by employment
Figure 25: Analysis of the employment structure of the automobile renting & leasing sector, 2012 and 2013
Company profiles
ALD Automotive
Figure 26: Financial analysis of ALD Automotive, 2008-12
Alphabet (GB)
Figure 27: Financial analysis of Alphabet (GB), 2008-12
Figure 28: Financial analysis of Alphabet (UK) Fleet Management, 2008-12
Arval UK
Figure 29: Financial analysis of Arval UK, 2008-12
Daimler Fleet Management UK/Mercedes-Benz Financial Services UK
Figure 30: Financial analysis of Daimler Fleet Management UK, 2006-10
Figure 31: Financial analysis of Mercedes-Benz Financial Services UK, 2009-12
Hitachi Capital Vehicle Solutions
Figure 32: Financial analysis of Hitachi Capital Vehicle Solutions, 2009-13
GE Commercial Finance Fleet Services
Figure 33: Financial analysis of GE Commercial Finance Fleet Services, 2008-12
Hertz (UK)
Figure 34: Financial analysis of Hertz (UK), 2008-12
Inchcape Fleet Solutions
Figure 35: Financial analysis of Inchcape Fleet Solutions, 2008-12
Leasedrive Group/Masterlease
Figure 36: Financial analysis of Leasedrive Group, 2008-12
Figure 37: Financial analysis of Masterlease, 2006-10
LeasePlan UK
Figure 38: Financial analysis of LeasePlan UK, 2008-12
Lex Autolease
Figure 39: Financial analysis of Lex Autolease, 2008-12
Lombard Vehicle Management
Figure 40: Financial analysis of Lombard Vehicle Management, 2008-12
FORECAST
Chapter summary
Market size
The broader economic picture
Consequences for the fleet services market
Internal market drivers
Figure 41: Forecast UK market for fleet services, 2014-18
Market segmentation
Figure 42: Forecast segmentation of UK new fleet and business car registrations, 2014-18
Industry
Further industry consolidation on the horizon
Green fleets to accelerate but alternative fuels not ready to make impact
FURTHER SOURCES AND CONTACTS
Trade Associations
Trade Magazines

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